Safaricom, KCB and NASI register great performance even as NSE 20 index declines 0.6%

The NSE 20 index declined 0.6 per cent last week, touching a 2015 low of 5,078.74 points within the week. The NASI was up 2.1 per cent (+6.3 per cent year to date [YTD]), riding on Safaricom (+22.4 per cent YTD) and KCB’s (+12.3 per cent YTD) performance. Foreign investor participation reduced to 50.9 per cent from 58.7 per cent. After seven consecutive weeks of net selling, foreign investors turned net buyers as they took advantage of the cheaper market.

KCB attracted the highest net inflows, while Equity Bank had the highest net outflows and shed 2.6 per cent (-6 per cent YTD). The lender’s 10-country expansion plan may have attracted negative sentiment, considering its five subsidiaries contributed 4.8 per cent of profits in 2014.